Bitcoin Cash – ABC, Litecoin and Ripple Daily Analysis – 07/12/18

Bitcoin Cash – ABC Hammered Again

Bitcoin Cash ABC tumbled by 16.37% on Thursday, following on from a 12.3% slide on Wednesday, to end the day at $106.43.

It was another particularly bearish day for Bitcoin Cash ABC, which saw red from the get go, bucking the trend from the broader market that had seen a more bullish start to the day.

Falling from a start of a day intraday high $129.53, Bitcoin Cash ABC slid to a late in the day intraday low and new swing lo $104.74. The reversal saw Bitcoin Cash ABC slide through the first major support level at $122.2 and second major support level at $115.99, with the day’s major resistance levels left untested.

The continued slide saw Bitcoin SV come within reach, a more than 20% gain on the day leaving the pair just $6 apart by the day’s end, quite a horror show for the Bitcoin Cash network that had had high hopes of toppling Bitcoin.

At the time of writing, Bitcoin Cash ABC was down 10.05% to $95.73, with Bitcoin Cash ABC falling from a start of a day morning high $106.11 to a morning low $95.26.

Bitcoin Cash ABC fell through the first major support level at $97.6, which was in stark contrast to Bitcoin Cash SV that was up 9.16% to $109.43 at the time of writing, the Bitcoin Cash SV team now out on top.

For the day ahead, a move back through the first major support level at $97.6 would signal a run at $100 levels and the morning high $106.11, while we would expect the major resistance levels to be left untested in the event of an unexpected rebound.

Failure to move back through the first major support level will likely see Bitcoin Cash ABC fall deeper into the red, with the second major support level at $88.78 very much in play.

Litecoin Sees Red

Litecoin fell by 8.63% on Thursday, following on from a 6.54% slide on Wednesday, to end the day at $26.25.

A bearish start to the day saw Litecoin fall through the first major support level at $27.84 to a morning low $27.57 before finding support to strike a late morning intraday high $30.2.

Coming within range of the first major resistance level at $30.32, Litecoin hit reverse through the rest of the day, sliding back through the first major support level at $30.2 and second major support level at $27.84 to an intraday low and new swing lo $25.73 before moving back through to $26 levels.

At the time of writing, Litecoin was down 3.24% to $25.4, with moves through the early morning seeing Litecoin fall from a start of a day morning high $26.34 to a morning low and new swing lo $25.19 before steadying. The day’s major support and resistance levels were left untested early on.

For the day ahead, a move through the morning high $26.34 to $27 levels would be needed to signal the start of a Litecoin rally, though Litecoin will need to break through $27 levels by the early afternoon to support a run at the first major resistance level at $29.06.

Failure to move back through the morning high could see Litecoin take a bigger hit later in the day, a pullback through the morning low $25.19 bringing $24 levels and the first major support level at $24.59 into play before any recovery.

Ripple Struggles with the Bears

Ripple’s XRP slid by 8.34% on Thursday, following a 4.14% fall on Wednesday, to end the day at $0.31065.

An early morning intraday high $0.34811 was the only bullish move of the day, with Ripple’s XRP joining the broader market in reverse, sliding through the first major support level at $0.3330 and second major support level at $0.3265 to a late intraday low $0.3065 before steadying.

At the time of writing, Ripple’s XRP was down 3.02%, a fall from a start of a day morning high $0.31386 to a morning low $0.29761 leaving the major support and resistance levels untested early on.

For the day ahead, a move back through the morning high to $0.32 levels would be needed to signal a Ripple’s XRP rebound to bring $0.33 levels and the first major resistance level at $0.3370 into play before any pullback, $0.34 levels unlikely to be touched in the event of a bounce.

Failure to move back through the morning high $0.31386 could see Ripple’s XRP fall deeper into the red, a pullback through the morning low $0.29761 and first major support level at $0.2954 bringing $0.28 levels into play before any recovery, the day’s second major support level at $0.2801 there to prevent heavier losses on the day.